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Why a forgotten password could lose a man $300m

Article image for Why a forgotten password could lose a man $300m

A San Francisco man is on the brink of loosing $303 million in Bitcoin because he can’t remember his password.

Computer programmer, Stefan Thomas, has just two password attempts left out of 10 to unlock his Bitcoin Wallet which holds 7002 Bitcoin.

The password unlocks a small hard drive, known as an IronKey, which gains access to the digital wallet where the fortune is stored.

6PR tech expert Trevor Long told Gareth Parker “without knowing the password he is potentially locking himself out of hundreds of millions of dollars worth of Bitcoin”.

“Bitcoin or access to it, can be as simple as a digital key and without that digital key … you can’t access it and it will be lost forever.”

Trevor says to create a strong password you need to combine words that are not linked with characters.

“Use words that are different and string them together, type them a few times, and it will become a very clear memory for you,” he said.

“If you absolutely must keep a record of it, don’t use pen and paper because that’s destructible.

“Use the notes app on your phone and save the note as a locked note on your phone.”

Click play to hear the full interview. 

(Photo: iStock by Getty Images.) 

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